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Petrobras sees early start at 2 subsalt projects
January 7, 2011 / 11:58 AM / in 7 years

Petrobras sees early start at 2 subsalt projects

* Petrobras to start two subsalt projects ahead of schedule

* Guara Norte, Cernambi platforms planned for 2014

* BG, Repsol, Galp partners with Petrobras in projects

RIO DE JANEIRO, Jan 7 (Reuters) - Brazilian state-run oil giant Petrobras (PETR4.SA)(PBR.N) said on Friday it will begin production ahead of schedule for two pilot projects to tap massive crude reserves deep beneath the ocean floor.

The company received approval to hire two new floating platforms to pump oil from the Guara-Norte and Cernambi pilot projects in the Santos basin. Each platform will have daily output capacity of 150,000 barrels and 8 million cubic meters of natural gas, Petrobras said in a securities filing.

The platforms should start production in 2014, rather than the previous target of after 2014, the company said.

“The consortiums made the strategic decision to charter the platforms in a bid to enable early production at these areas, where initial flow tests showed excellent results,” Petrobras said in the filing.

Petrobras operates Guara Norte in the BMS-9 block with BG BG.L and Repsol (REP.MC), while the company has BG and Portugal’s Galp (GALP.LS) as partners at Cernambi in the BMS-11 block.

Reporting by Elzio Barreto, editing by Jane Baird

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